The prices of oils and fats in the European Union have increased by 23%

Published May 9, 2023

Tridge summary

After substantial increases during 2022, food prices continued to increase in the first quarter of 2023, with oils and fats among the products with the highest price increases. Specifically, data for March 2023 show that the price of oils and fats in the EU was, on average, 23% higher than in March 2022, according to Eurostat data.

Original content

Oil and fats includes butter and butter products, margarine and other vegetable fats, edible oils (olive oil, corn oil, sunflower seed oil, cottonseed oil, soybean oil, peanut oil, walnut oil , etc.) and edible animal fats (lard, etc.). The peak of the annual rate of change occurred in December 2022 (+32% compared to December 2021), indicating a decrease of nine percentage points compared to the first three months of 2023. This suggests that the rate of inflation of oils and fats is beginning to slow down, highlights Eurostat, which points out that, for comparison: the increase in prices of oils and fats registered between March 2021 and March 2022 was +18%, and between March 2020 and March 2021 was +1%. In March 2023, almost all EU countries reported an increase in annual inflation for oils and fats. The largest increase in annual inflation for oils ...
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